Moody’s: Five Asian securities firms to stable

Moody's Investors Service said it affirmed the ratings of five securities firms in China (Aa3 negative) and Hong Kong (Aa1 negative), following the Feb. 22 publication of its new securities industry market makers rating methodology.

This is now the primary methodology that Moody's uses to rate securities industry market makers globally except in jurisdictions where certain regulatory requirements must be fulfilled prior to the new methodology's implementation.

At the same time, the agency changed the outlooks on these securities firms to stable from negative.

The five firms include: Citic Securities Co. Ltd.; Everbright Securities Co. Ltd.; Guotai Junan Securities Co., Ltd.; China International Capital Corp. Ltd.; and Guotai Junan International Holdings Ltd.

Moody's also affirmed the Baa1 long-term senior unsecured debt rating and the provisional Baa1 long-term senior unsecured medium-term note program rating assigned to Citic Securities Finance MTN Co., Ltd. Both instruments are guaranteed by Citic Securities.

Moody’s said the stable outlooks suggest that these firms do not face immediate pressure on their standalone assessments. Government support for these firms is also unlikely to change over the medium-term.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.